March 2023
03Mar

Zimbabwe: NRZ Pensioners Earning U.S.$3 Monthly Pay Outs

Retired National Railways of Zimbabwe (NRZ) workers are receiving a meagre monthly pension pay out equivalent to around US$3 per month despite decades of investing their labour into the growth of the company. Speaking to NewZimbabwe.com Wednesday on condition of anonymity, one pensioner said the National Railways of Zimbabwe Contributory Pension Fund (NRZCPF) is paying out very mean amounts which are wiped out by bank charges. "Early this year the pension pay outs were increased from around ZW$2 000 to ZW$3...

March 3, 2023
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03Mar

Egypt. President announces raising minimum wage, pensions

Egypt’s President Abdel Fattah Al-Sisi announced raising the minimum wage for government employees to EGP 3,500 and raising pensions by 15% starting 1 April. The Egyptian president announced raising the minimum wage for government employees holding a Master’s degree to EGP 6,000 and to EGP 7,000 for those holding a PhD. President Al-Sisi also said that income tax exemption was raised to EGP 30,000 annually, up from EGP 24,000. He also revealed that Takaful and Karama Cash Transfer Programme benefits were also...

March 3, 2023
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02Mar

Thailand. Political parties grapple with funding constraints for pension plans in run-up to general election

“Thailand will be a full-fledged aging society this year, as citizens 60 years old and above will represent 20 per cent of the total population,” said Worawan Plikhamin, deputy secretary-general at the National Economic and Social Development Council (NESDC), a state-run think-tank. Senior citizens will comprise 30 percent of the country’s population in 2037, making the country a super-aging society. The rising number of senior citizens offer both opportunities and challenges to the country. On the business side, there is scope...

March 2, 2023
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February 2023
27Feb

Pakistan stops salaries, pensions as economic crisis worsens

The cash-strapped Pakistan government has reportedly instructed the Accountant General of Pakistan Revenues (AGPR) to halt the clearing of all bills, including salaries and pensions, of federal ministries and attached departments until further notice. According to The News, the move comes as the country is reeling under economic crisis, which is causing difficulties in operational cost-related releases. However, the exact the reason for the same is not known. The report cited, the salaries and pensions of defence-related institutions have been cleared...

February 27, 2023
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January 2023
23Jan

Japan. Pension Benefits to Rise for 1st Time in 3 years

Public pension benefits will rise for the first time in three years in fiscal 2023, although at a slower pace than a major inflation rate, the Health, Labor and Welfare ministry said Friday. Benefit increases, set at 1.9% for pensioners aged 68 or over, will be limited because the ministry will activate what it calls the macroeconomic slide mechanism to curb benefit payments for the first time in three years. Japan revises the amounts of pension benefits every year to take...

January 23, 2023
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November 2022
25Nov

Average Retirement Savings: How Do You Compare?

By Amelia Josephson If you’re wondering what’s a normal amount of retirement savings, you’re probably one of the 60% of Americans who either don’t think their savings are on track or aren’t sure, according to the Federal Reserve’s “Report on the Economic Well-Being of U.S. Households in 2019.” Among all adults, median retirement savings are $65,000, according to the Federal Reserve’s most recent data. The Federal Reserve also estimated that by retirement, that number would grow to an average...

November 25, 2022
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14Nov

Jamaica. Automatic pension enrolment will save retirees

85 per cent of UK workers now pensionable vs 18 per cent in Jamaica With about 18 per cent of Jamaica's working population having a pension plan, the retirement crisis persists and this situation should be of grave concern to the Government and all taxpayers. Jamaica has an ageing population which is increasingly at risk of pension poverty, ie inadequate retirement income. As such, I am recommending the automatic or mandatory enrolment of eligible employees in a workplace pension plan. This would...

November 14, 2022
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09Nov

Inflation taking ever bigger bite out of Greek retirees’ pension income

Pensioners in Greece are struggling to make ends meet as galloping inflation and high energy prices take a toll on household budgets. After they lost an average of 25 percent of their income during the Greek debt crisis-related bailouts (2010-2018), the recent jumps in food and heating costs take their anxiety up a notch. During a recent interview granted to Xinhua in a cafe in central Athens, Christos Vassilopoulos, 82, was adding up his monthly bills while sipping his coffee. The...

November 9, 2022
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09Nov

Italy to Boost Pension Spending in Bid to Keep Up With Inflation

Italy’s pensions will increase by 7.3% from next year to keep up with rising inflation, Finance Minister Giancarlo Giorgetti said on Wednesday. The boost to retirement payments, which is automatic in contrast to wage hikes, will bring relief to households hit by soaring energy costs in the European Union’s third-biggest economy but may further complicate the European Central Bank’s efforts to rein in consumer prices. Overall, spending on pensions will increase by more than €50 billion ($50.4 billion) through 2025, the...

November 9, 2022
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08Nov

German pensions to rise in 2023 with contribution hikes on the horizon

As usual, pensions in Germany are set to go up next summer, according to a new report seen by Bild am Sonntag. As Germany struggles to retain the sustainability of its pension system, contribution rates are set to remain stable for next four years, but hikes are on the horizon. Pensions in Germany are adjusted every year in line with wage development. Although the increase in 2023 isn’t enough to offset the rising cost of living in Germany - and...

November 8, 2022
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